Bajaj Auto Chairman Rahul Bajaj will step-down from his role as a whole-time director of the company from April. Accordingly, he will be appointed as a non-executive director with the designation continuing as Chairman from April 1, 2020, subject to approval of the shareholders.
The announcement came as his tenure in the role of Executive Chairman expires on March 31, 2020.
Bajaj has been a director of the company since April 1, 1970. He was last re-appointed by the Board for a five-year term with effect from April 1, 2015.
The company said that approval of shareholders will be taken by special resolution by way of postal ballots for his appointment as non-executive Chairman.
"Due to certain commitments and other pre-occupation, Rahul Bajaj has decided not to continue as a Whole-time director of the company after the expiry of his current term on March 31, 2020," the company said in a regulatory filing.
"The Board of Directors at its meeting held today and as recommended by Nomination and Remuneration Committee has approved the appointment of Rahul Bajaj as Non-executive director with the designation continuing as Chairman of the company w.e.f. 1 April 2020, subject to approval of the shareholders," it added.